Citation :
Mr Waxman also attacked Mr Sullivan’s compensation, questioning why executives had not voluntarily slashed bonuses in 2007, when AIG lost $5bn in the first quarter.
Far from cutting back on the fees he would be paid, minutes obtained by the committee showed Mr Sullivan had urged the AIG board’s compensation committee to “ignore losses” from the financial products division in calculating his bonus that year.
The board approved the changes Mr Sullivan suggested, ignoring the losses and handing him a $5m cash bonus.
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